EBRD Loans $200 Million to Turkish Renewable Energy Developer

Apr 20, 2023 11:19 AM ET
  • The funds are provided to Borusan EnBW Enerji that will help financial investments in renewable energy sector.
  • EBRD stated that the center is part of a $600 million funding package to be collectively offered by various key players.

The European Bank for Reconstruction as well as Development (EBRD) is giving a loan of $200 million to Turkey's Borusan EnBW Enerji Yatirimlari ve Uretim to aid the firm strengthen its monetary position as well as purchase renewable energy sector with gender addition.

The funds are being provided by EBRD under a syndicated structure with the Netherlands Entrepreneurial Development Finance Company, FMO.

EBRD said that the center belongs to a $600 million financing package to be jointly offered by Türkiye Is Bankasi, Türkiye Sinai Kalkinma Bankasi, Garanti BBVA, Akbank, ICBC and Yapi Kredi.

The profits of the loan will be utilized to strengthen the annual report of Borusan EnBW Enerji and promote a company reorganisation that will certainly combine the company's energy portfolio, fuelling more financial investments right into renewables, stated EBRD

The project is likewise expected to improve women's access to renewable energy sector-relevant skills as well as employment possibility, boosting the company's inclusion credentials.

Nandita Parshad, EBRD Managing Director of Sustainable Infrastructure, stated, "With this milestone financing bundle, we are extremely delighted to support Borusan EnBW Enerji's aspiration in the renewables sector and also aid speed up Turkey's energy transition and also support its climate commitments."

Enis Amasyalı, General Manager, Borusan EnBW Enerji, said on EBRD loan, "With the loan we have actually acquired, we will increase our financial investments in the renewable energy sector, along with in our new organization areas, and continue to take steps towards shutting the green-collar employee gap as well as making sure gender equality within the renewable energy sector."

In the renewables area, Borusan EnBW Enerji has an overall mounted capacity of 725 MW in a diversified portfolio. Collectively possessed by Turkey's Borusan Holding A.S. and Germany's EnBW AG, the company declares to have one of the largest wind portfolios in the country, and has a series of new eco-friendly projects, including wind and also solar, in the pipeline.

EBRD claimed that it has actually spent more than EUR17 billion to date in different sectors of the Turkish economy. The 2030 target of Turkey holds that the country wants to raise its renewable energy in the power mix to 32% with 38,000 MW in solar as well as 4000 MW in wind power sector.

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